Are you residing in the UK and interested in dealing with buying and selling the property? A basic yet vital thing you must keep in knowledge is the ownership change must be informed to the HM land registry and get registered.
It refers to a department that aims to maintain the records of property and land ownership. This works only for Wales and England. In this guide, we have covered all the possible queries that an individual might have about who has an interest in property buying and selling.
This includes the introductory explanation of the land registry, the process of registration at the HM land registry, and what is needed to get your property registered. We will begin the discussion with a basic introduction.
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What is HM Land Registry In the UK
HM land registry refers to a non-ministerial department that works for the registration of the ownership change of property and land in England and Wales.
The Department of Land Registry ensures the guarantee of land title by the government provided to the owners of land and property. Along with the land title, the owners are given the plan of title in which there is an explanation of the boundaries of the relevant property.
As soon as the process of entering the details in the register is complete, the ownership changes are recorded by the land registry as well. Other factors that can affect the process are also considered. Leases and mortgages are such affecting examples in this case.
Why Is It Important to Register The Land?
Several people enquire about what the need to register the property and land or why is it required to record the changes in ownership. Are you wondering the same? Here is why.
The process of land and property registry gives you the protection and guarantee of property rights. If you need to evident the ownership of property, you can do it through this process as well.
It is a valid way that keep your property protected from fraud. This further ensures that it becomes an easy process for you when you decide to sell your property or even change its ownership in the future.
In case you have not registered your property at the land registry, you should do it on an immediate basis.
If you are planning to take ownership of a new property, inherit or buy a new property and mortgage, you must apply for the land registry to get the property registered whether:
- It is the ownership of a property that was unregistered before.
- It is the ownership of a property that was registered but the ownership is now changed.
- If there are any interests affecting factors involved like lease, declaration of interest, and mortgage.
The Information Held by Land Registry
Furthermore, the land registry keeps a record of the following information in the UK.
The Indicator of Flood Risk: This involves the details of how frequently the property can be flooded.
Title Summary: This involves the details of the owners like the name of the lender. As well as the details that tell if the ownership is leasehold or freehold.
The Title Plan: This explains the details of property boundaries.
The Title Register: The title register keeps the details of the property owner like his name. The price of the property that is paid by the owner and the status of the mortgage is also part of this record.
If you want to check these details, you can simply access the details by searching online. You will immediately get the information about your registered property.
How Real Estate Accountants Can Be A Help?
You can need a real estate accounting expert when you are dealing with the land registry as a beginner. This will lead you to complete the process seamlessly and all the required documentation will be completed without any delay.
The Process of Registration at the Land Registry
You must be wondering about the process of registration at the land registry by now. If you have decided to register your property, the first thing required is to check if the property is already registered or not. There can be two possible cases and what is to be done in both cases is discussed below:
In the case your property is already registered: If you find out that your property is already registered, you must apply to transfer the property registration into new ownership.
Fill in the application is the immediate requirement. Consider the interest-affecting factors like lease and mortgage. The form of the whole registered title is needed to be filled out by you.
Further, you will apply to transfer the registration. Then the documents will be sent to the HM land registry along with the registration fee and forms.
In case your property was never registered: In this case, you are required to do the process of applying for the first registration. This will ensure the purpose of registering new ownership of the property. Then simply send the documents to the land registry along with the registration fee and forms.
The Bottom Line
Now that you have gathered a fair amount of information about the HM land registry, we can bring the discussion towards wrapping up. We can sum up by saying that if you aim to buy or sell a property, the basics of the registration process and its importance are something vital for you to know.
This way you will keep your property and your rights protected from any chances of fraud. We hope these few minutes of reading will help you to register your property and ownership seamlessly.
Are you looking for professional tech-savvy tax advisors and accountants in the UK to guide you? Contact us now!
Disclaimer: The information about HM Land Registry provided in this blog includes text and graphics in general. This does not intend to disregard any of the professional advice.
